Saving money doesn’t have to be a dull or difficult task. In today’s generation, we can find ways to make saving money enjoyable and even fun! Instead of simply trying to develop new habits or discipline, you can spice up your savings journey by participating in a savings challenge. These challenges add an element of excitement and motivation to your saving efforts.
You can choose to take on the challenge individually or invite a friend to join you. Having a friend on board not only makes the challenge more enjoyable, but it also provides extra support and motivation along the way. So, whether you’re competing against yourself or embarking on the money saving challenge with a buddy, remember that saving money can be an entertaining and rewarding experience. In this article, I’ll share the Best Money Saving Challenges for 2023 to help you get started on your saving journey!
What Is a Money Saving Challenge?
A money-saving challenge is like a game plan for saving cash. You set a goal and follow a plan with specific rules to reach it. It could be a month-long challenge or even a whole year. Along the way, you break it down into smaller steps or milestones to track your progress.
These challenges are all about making saving money more exciting and motivating. They give you a structure to build good saving habits, reach your financial goals, and feel like a boss when you succeed.
Remember, you can customize these challenges to fit your own style and financial situation. Whether you’re saving up for something special, building an emergency fund, or crushing your debts, you can tweak the challenge to match your goals. The key is finding one that vibes with you and helps you boost your savings and slay your money game. So, go on and conquer that savings challenge to level up your financial success!
1. $1,000 Savings Challenge
The $1,000 Savings Challenge is all about saving $1,000 as your first step toward financial freedom. Saving $1,000 is the first financial goal for most people, and this challenge inspires you to save your first $1,000. Participants save small amounts and put them in a dedicated bank account as they slowly put as much as they can to have their first $1,000 saved in the bank.
Sign Up Here: $1,000 Savings Challenge
2. 52-Week Money Challenge Backwards
Adding some spice to the popular 52-week money challenge can make saving money even more exciting and enjoyable! The 52-week backwards money challenge is a unique approach to saving money where you start by putting a higher amount into savings and gradually decrease the amount each week. Instead of starting with $1 and increasing, you begin with $52 and work your way down.
The idea behind this challenge is to front-load your savings, allowing you to have a larger amount saved early on. As the weeks progress, the decreasing amounts align with the natural decrease in holiday expenses, making it easier to cover the costs of gifts and celebrations during the festive season.
Remember, the key is consistency and staying committed to the challenge. By following the backward pattern and consistently contributing to your savings, you can achieve your financial goals and make the most of your hard-earned money.
3. Double 52-Week Money Saving Challenge
If you’re up for a bigger savings challenge, doubling the 52-week money challenge backwards can be a great option. It offers a more ambitious goal and allows you to save a significant amount of money.
By doubling the 52-week challenge backwards, you’ll be able to save a significant amount of money and potentially reach your financial goals even faster. Just make sure to adjust the challenge according to your financial capacity and maintain a balance between saving and other financial obligations.
4. 1% Savings Challenge
For this challenge, no significant lifestyle changes are needed. It’s as simple as reaching out to your workplace and increasing your retirement contribution by just 1%. Easy peasy, right? But we’re not stopping there. Every two to three months (you do you, just stay on track), we’re cranking it up another notch with an additional 1% increase
Trust me, you won’t even notice those few extra dollars missing from each paycheck. But here’s the secret: those small increments can make a big difference in the long run, especially when it comes to retiring early.
5. 100-Envelope Challenge
Would you like to save more than $5,000 in three months? TikTok’s viral 100-envelope challenge might help you in doing this. Get a colorful box of money-saving envelopes and label them from 1 to 100. Each day, it’s envelope time! Reach into the box, pull out a lucky number, and get ready to make it rain…with cash, of course!
Whatever number you draw, that’s the amount you’ll be stashing inside the envelope. Picture this: Day one, you draw No. 27? Grab that hard-earned $27, tuck it away, seal that money up, and put it into a snazzy basket or secret drawer. You’ll have saved $5,050 after 100 days and 100 envelopes.
6. Dollar-Bill Challenge
If you already have an emergency fund and follow the smart habits of debt-free individuals, this challenge is perfect for you. Here’s how it works: if you come across a $1 bill, resist the urge to spend it by putting it in a special money bag. Think of it as giving your dollar a cozy home where it can grow and multiply.
But why stop there? If your budget allows, take it to the next level by saving every $5 bill you come across. It’s a little extra effort that can make a big difference in your savings journey. By practicing this simple habit, you’ll be surprised at how those seemingly small expenses may add up over time, resulting in significant savings.
7. Spare-Change Challenge
If you’re someone who loves to pay with cash and makes your purchases with it on a regular basis, you probably wind up with a lot of extra change. Instead of letting loose change jingle around in your pockets or get lost in the couch cushions, collect it in a jar or piggy bank. Every time you come across loose change, whether it’s a penny, nickel, dime, or quarter, you drop it in your designated savings container. Once the jar is full, take it to the bank and exchange it for bills.
8. No Eating Out Challenge
Are you looking for a quick-win challenge to boost your savings? If the idea of saving money feels overwhelming, here’s a simple yet effective challenge: commit to not eating out for an entire month.
Believe it or not, this one habit can have a substantial impact on your savings. It’s incredible how those meals and snacks we grab on the go can slowly drain our wallets without us even realizing it. But with this challenge, you’ll be able to put a stop to that and start seeing the savings stack up.
You may even choose three months out of the year to participate in this savings challenge. You’ll be surprised at how much money you may save if you avoid eating out. Plus, you may combine this challenge with another simple one, such as the $1 note challenge, to save even more money.
9. Expense Tracking Challenge
Ever wondered where all your money goes? Tracking your expenses is a powerful tool that gives you a clear picture of your spending habits and helps you save more effectively.
If you’ve never tracked your expenses before, now is the perfect time to give it a try. Consider it a fun challenge that can lead to some eye-opening revelations about your spending patterns. Write down and classify every single purchase you make for a whole month. You might be surprised at how much money you spend on certain items!
10. No-Spend Challenge
The No-Spend Challenge is really popular when it comes to saving money. Basically, during a no-spend challenge, you commit to a specific period of time where you don’t spend any extra money. We’re talking about cutting out those non-essential expenses beyond the basics like food, housing, and gas. It’s like putting your spending on a diet, giving it a break! You can go all out and try it for a whole month, or you can start small with just a week to test the waters. It’s up to you to decide how long you want to do this challenge.